In another volatile session, US stocks ended Friday mixed as bank earnings rolled in and after an unexpected 1.9% drop in retail sales.
The Dow Jones Industrial Average fell over 200 points, or 0.5%, led by weakness in shares of JPMorgan, which suffered the worst percentage decline since June 2020, as tracked by the Dow Jones Market Data Group.
|Me: DJI||DOW JONES AVERAGES||35911.81||-201.81||-0.56%|
|JPM||JPMORGAN CHASE & Co.||157.89||-10.34||-6.15%|
While the S&P 500 and Nasdaq Composite gained over 0.6% and 0.05%, respectively, reversing heavy losses.
|I: COMP||NASDAQ COMPOSITE INDEX||14893.75271||+86.94||+0.59%|
Despite this, CEO Jamie Dimon believes the economy is recovering and has been aggressive on future rate hikes.
“The table is pretty well set for growth… with the obvious negative being inflation and how that’s being managed and so on. So, in my view, the chances are pretty good that there will be more than 4 [rate hikes], it could be 6 or 7,” he said during the bank’s conference call on Friday.
Elsewhere, earnings at Wells Fargo rose 86%, sending those stocks higher, while Citibank’s earnings fell 26%.
|WFC||WELLS FARGO & CO.||58.06||+2.06||+3.68%|
|C||CITI GROUP INC.||66.93||-0.85||-1.25%|
|XLF||FINANCIAL SELECT SECTOR SPDR ETF||40.83||-0.43||-1.04%|
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Energy stocks rose as oil gained 6.24% for the week to close at $83.82.
|USE||UNITED STATES OIL FUND LP||59.97||+1.70||+2.92%|
|XL||ENERGY SELECT SECTOR SPDR ETF||64.51||+1.48||+2.35%|
|XOM||EXXON MOBIL CORP.||71.87||+1.24||+1.76%|
Retailers were the focus as consumers scaled back spending in December, down almost 2% from the total. Excluding the auto component, spending fell 2.3% compared to a 0.3% decline in the previous month.
Casino makers doing business in Macau China rallied after the government outlined revised regulatory practices, but stayed close to radically limiting the number of licensed operators in the region.
|I AGAINST||LAS VEGAS SANDS CORP.||42.99||+5.33||+14.15%|
|WYNN||Wynn Resorts Ltd.||91.47||+7.24||+8.60%|
JOBLESSNESS CLAIMS RISE UNEXPECTED TO 230,000 WHILE OMICRON RISE
Import and export prices for December. Imported goods prices fell 0.2%m/m after rising 0.7% in November. Export prices also fell by 1.8%, well below the 1.0% increase in the previous month.
PRODUCER PRICES ROSE 9.7% IN DECEMBER, THE BIGGEST GAIN IN A RECORD PERIOD
Other reports include the University of Michigan preliminary consumer sentiment index for January, which slipped to a preliminary reading of 68 in a sign that optimism is fading.
In Asia, Tokyo’s Nikkei 225 fell 1.3%, Hong Kong’s Hang Seng 0.2% and China’s Shanghai Composite Index 0.9%.
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China reported that its global trade surplus rose nearly 30% to $676.4 billion in 2021. The December trade surplus rose 20.8% from a year earlier to a record monthly figure of $94.4 billion, tariffs data showed on Friday. The surplus with the United States rose 25.1% year-on-year to $396.6 billion in 2021
South Korea’s central bank raised interest rates to 1.25% from 1% in an attempt to counter inflation.
Keep in mind that there will be no US trading in stocks or bonds on Monday as the markets mark Martin Luther King Jr.’s holiday.
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Ken Martin of FOX Business and The Associated Press contributed to this report.